Metro Detroit real estate update

I wanted to give you an update on Metro Detroit real estate in February 2014.  We have not had many days that have gone over thirty degrees since Christmas.  It has driven both buyers and sellers of Metro Detroit homes inside.  They are waiting for the spring weather or any warmer weather.  Many sellers do not want to list their home right now.  I have a list of 20 pieces of  Metro Detroit real estate and homes that are ready to put on the market, but the sellers are waiting for the snow to clear.  It is such an unusual year.  Normally we have warm spells where the snow completely melts.  Not this year.  We have had snow on the ground since the holiday.

Here is what is happening in Oakland County real estate in Feb 2014.  First I will start with some Zillow statistics…. Oakland County home values have gone up 16.9% over the past year and Zillow predicts they will rise 4.8% within the next year. The median list price per square foot in Oakland County is $119.   Last month 914 Oakland County Michigan homes sold and 192 of them were foreclosures.

Oakland County real estate and homes are still very hot though we have seen a slow down in the market due to this crazy cold and snow.

Snow, snow, snow

Snow, snow, snow

Wayne County, and Livingston County are the same way.  Homes in those counties have gone up double digits, but it is slower.   It was a great year last year, but they are predictiong a slow down.  We have seen it slow down a little already this winter.  Is it because of the snow and cold?  Or are there less buyers?  There are not many Metro Detroit homes for sale right now.  So an excess of home is not the reason for the market changing a little.

There are still many buyers like you out there.  They just can’t find a home and are willing to wait until the right one comes along.  So be prepared you do have competition when looking at metro Detroit real estate.  So whether you are looking for foreclosures West Bloomfield Michigan or a Lakefront homes for sale Waterford Michigan we can help.  We know the real estate market well.  Feel free to visit my websites on lakes too you can find individual information on any lake such as   Wolverine Lake in Oakland County MI

 

Posted in Buyer Tips, Market reports, Oakland County market reports

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